HomeMy WebLinkAboutA002 - Covenant for Removal of Buildings with Contingent Assignment of Rents dated October 30, 1986 04964 04394
INST.NO.
INST A STORY COUNTY,IOWA
FEE FILED FOR RECORD
,Atdr NOv 17136 Pm
,4b
COVENANT FOR REMOVAL OF BUILDINGS SUSAN L.pOTTER,Recorder
WITH CONTINGENT ASSIGNMENT OF RENTS By Deputy
THIS COVENANT is made and entered into by and
between KAROL J. KOCIMSKI, his successors, heirs and assigns
referred to in this agreement as Grantors and the CITY OF
AMES, IOWA, referred.to in this agreement as Grantee.
WHEREAS, the Grantor has represented to the
Grantee an intent and desire to develop the land described
in this agreement in, a manner that entails removal of
certain apartment buildings now located and occupied on said
land; and,
WHEREAS, as part of said development intends that
said land shall be platted into six (6) lots of record in
accordance with Chapter 409, Code of Iowa; and,
WHEREAS, the Grantor desires that provision now be
made for the removal of said apartment buildings, at no
expense to the City of Ames and its citizens, to assure the
achievement of the Grantor's desired development; and,
WHEREAS, the parties hereto have concluded that
the Grantor's intentions and desires relative to said
existing apartments can be achieved by Grantor conveying to
the Grantee, as a gift, certain rights, powers and
privileges with respect to said apartments;
THEREFORE, the Parties agree to the following:
(1) Grantor promises to remove the apartments
now located'on land described as shown in red on the
plat and description attached to this agreement and
by this'reference is incorporated in it and made a
part of it. The removal is to occur nbt later than
five (5) years from the date of this agreement. If
the Grantor fails for any reason to make a valid
plat of the lots as agreed to within 180 days of
this date, then the rights of Grantee relative to
removal of said apartments shall be accelerated
and performance by Grantor due immediately on demand
by Grantee.
(2) When performance by Grantor as provided
for in the preceding paragraph is due, and if Grantor
fails to remove the apartments for any reason,
Grantee shall have and is given the exclusive right
to collect the rents from the apartments, in such
amounts as the Grantee deems appropriate and suffi-
cient to cover the costs of maintenance during the
terms n oon of tegaci -s, _aid the demolishing of
the apartment structures and conforming the land to
the approved plan, which the Grantee shall do within
a reasonable time.
DATED at' Ames, Iowa, this � day of
OC.Tb,�c2 , 1986.
a
C OF AMES;; �WA,s
K,� 7
B
Karol J. Kocimski
BY ,r
BOOK PAGE-�
-2-
before me, the undersigned, a Notary Public in and for the
State of Iowa, personally appeared Karol J. Kocimski, to me
known to be the person named in and who executed the fore-
going instrument, and acknowledged that he executed the same
as his voluntary act and deed.
MD�TARY P IC in and for the State of Iowa
JWMY E ERVIN
flYCOMMISSIONfXPiRES
STATE OF IOWA August18,1989
:ss
STORY COUNTY
On this the 4-L` day of kjoyery ,r 1986,
before me, the undersigned, a Notary Public in and for the
State of Iowa, personally appeared F rsrod /%mod
and to me personally known, who,
being by me duly sworn, did say that they are the
and respectively of said
municip 1 corporation executing the within and foregoing
instrument, that the seal affixed thereto is the seal of
said municipal corporation; that said instrument was signed
and sealed on behalf of said corporation by authority of the
City Council of Ames, Iowa; and that the said
1'r)a_�4or and (!;ty (11,rk, , as such officers,
acknowledged the execution of said instrument to be the:.
voluntary act and deed of said municipal corporaka`oxk'►);by,•it
and by them voluntarily executed.
toIc
.
NOTARY PUBLIC in and for the Stag of A?Wai,
CONSENT
The Ames Savings and Loan Association as4oitgagee
of part of the above described real estate consents to the
provisions of the agreement as relates to their mortgaged
premises.
AMES SAVINGS & LOAN ASSOCIATION
BY
BY
STATE OF IOWA :
:ss
STORY COUNTY
On this the 30th day of October 1986,
before me,_-the._undar-signed, a Notary Public in and for the
State of Iowa, personally appeared Virgil A. Maxwell
and Jimmy E. Ervin , to me personally known, who,
being by me duly sworn, did say that they are the
President and Vice President of said corporation
executing the within and foregoing consent; that said con-
sent was signed and sealed on behalf of said corporation by
authority of its Board of Directors; and that the said
Virgil A. Maxwell and Jimmy E. Ervin , as such officers,
acknowledged the execution of said consent to be the
`mo4untary act and deed of said corporation, by it and by
'them voluntarily executed.
1 "•,"; rr.. NOTARI PUBLIC iVi and for the State of Iowa
Natalie.'S. Lodvr
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